Dear Liz: I have an excellent credit rating, a steady job and an interest-only mortgage of $480,000 on a home now worth $400,000. I also owe $52,000 on an adjustable-rate home equity line of credit. In 2015, the interest-only portion of my loan ends and the principal payments will start, driving my payment to more […]
Recent Blog Posts
Old check is probably worthless
Dear Liz: Twelve years ago I hired a moving company. I must have overpaid them, because in January 2001 I received a refund check for $235. I misplaced the check and didn’t find it until 2003. Ever since then I have made a number of phone calls asking for a replacement. All my calls were […]
Kids, ignore your elders: college is worth it
Old folks can offer wisdom about many things, but you might not want to trust them when it comes to 21st century economics. I’m hearing too many older people espouse the view that college degrees aren’t as valuable these days because more people have them. They need an Econ 101 review. It’s true that the […]
How to keep mortgage debt from wrecking your retirement
Dear Liz: I have a first mortgage with a current balance of $32,000 at 5.625% interest. This will be paid off in about 24 months, based on regular payments plus $200 a month extra I am paying on principal. I have a home equity line of credit with a balance of $200,000 at 3% interest […]
Huge debts? Where to find help
Dear Liz: My husband and I are in a huge amount of debt. I understand that there are nonprofit agencies that can sit down with us and help us develop repayment plans and strategies. How do I find a reputable one? Answer: Contact the National Foundation for Credit Counseling at (800) 388-2227 for a referral […]
Does giving up your land line hurt your credit scores?
Dear Liz: I recently heard that not having a land-line home phone number can hurt your credit score because it indicates instability. Is this true? I, like many people, use only my cellphone and no longer have a land line. Answer: The answers to most credit scoring questions are complex because the formulas are complex. […]